Affiliates of Next Realty, LLC and Galloway Group, Inc are pleased to announce the acquisition of a single-tenant, 13,195 square-foot Rite Aid store located at 840 S. Military Highway (US 13), Virginia Beach, Virginia. The purchase price was not disclosed.
The property sits on approximately 3.25 acres of land and benefits from its strategic location at the signalized intersection (6 lanes each way) of Military Highway and Indian River Road. Traffic counts exceed 50,000 vehicles per day. Road improvements at this intersection are among the most extensive in the Tidewater region for a non-freeway intersection.
The property was originally developed in 2000 as an Eckerd Pharmacy and in 2006 was sold, along with 1,800 other locations, to Rite Aid. Rite Aid occupies the property on a long-term lease.
“The intersection of Military Highway and Indian River Road is an important crossroads in Virginia Beach. The purchase of the Rite Aid property fits into our strategy of buying irreplaceable real estate,” says George Galloway, owner of Galloway Group. “We are actively looking for additional freestanding retail, shopping center, and mixed-use property in this market.”
Next Realty Mid-Atlantic, LLC provided site identification and acquisition consulting advice to the Buyer.
“We are pleased to add this property to a portfolio that includes long term retail investments,” says Andrew Hochberg, CEO and Managing Principal, Next Realty. “This is the first of what we hope will be many additional investments in this area.”